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Arises recently rising calls from Democrats -- -- into the strategic petroleum reserve are actually getting louder and louder but.
One emergency stock release really ease prices or is it just a strategic political move.
Fox business's Liz MacDonald is following the story for us Liz.
It's kind of you know when the -- -- get the tiny start to talk about this isn't gonna help war doesn't make it look better to their constituent.
It makes it look better to constituents because -- the temporary blip.
Historically when you look at what's going on in.
The issue now it's not any more drill baby drill Soledad draw baby draw and the issue also that's roiling Wall Street analyst look at the issue.
Is he shouldn't easiest here -- the cushion Saudi Arabia and OPEC should be the cushion so we do have this letter from three Democrats sent a letter to President Obama.
And attempt to try to get that the oil and gas prices dampened three -- seven in average a nationwide down to 250.
Here's a letter let's take a look at some of the highlights of what they're saying here you gonna see that they are saying essentially the runup in prices for oil.
As a result of fear are not an actual loss of supply they don't want to say.
President we urge you to consider again deploying oil from the SPR to respond to combat -- at record price.
Escalation with -- from speculation so again these -- letter writers Ed Markey.
Welch and -- that tomorrow are saying.
Essentially it's fear and Iran and speculators driving oil prices higher not -- lack of supply and demand is by the way out of it.
It seems not that far facts that we could find a reason to tap into this given what's going on in Iran.
Name -- it this is the point because when that president George W.
Bush -- AS PR -- time that was in 2005.
But gas prices read that two dog -- three cents.
Gas prices actually went up to Johnson like in July 2006 to two dollars and 98 so it's a -- and you're right Venezuela and Libya supply issues with a problem.
There's so BI EA is saying there's no supply issue now there isn't even a short term plan from the international -- -- do anything that -- PR.
And Treasury Secretary Geithner says yes short term fixes.
In some circumstances but he's saying not now no short term fix is now Wall Street saying keep the powder dry Merrill Lynch's -- in forecasting 200 dollar.
A barrel for oil in five years' time so we not right now is it needed problem.
You know let's let's keep the strategic part of the SP are intact for now.
That's right okay to keep their credit in fact that -- -- thank you some 100 dollar oil let's Gaidar are sheltered.
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